KAUAI
|
OAHU
|
MAUI
|
HAWAII ISLAND
Luxury Market Report Hawaii, July 2021
About Corcoran Pacific Properties Corcoran Pacific Properties, the exclusive Hawaii franchisee of The Corcoran Group, is a locally owned and operated company, founded in 2005 with a simple philosophy: treating every client as a friend, and every transaction as if it was our own. Over the past 15+ years, honoring this philosophy, we established a culture of service and efficiency fueled by high-tech, smart investments in agents, and the tools they need to deliver world-class service while helping clients achieve their real estate goals. By choosing only the most successful, experienced real estate professionals and dedicating every resource to support their success, we’ve grown to be the brokerage of choice serving Kauai, Oahu, Maui and Hawaii Island. With our clients at the heart of our business, Corcoran Pacific Properties is dedicated to excellence, innovation and to continuously raising the bar when it comes to impeccable service, expert insight and a relationship-first approach.
©2020 Corcoran Pacific Properties. All rights reserved. Corcoran® and the Corcoran Logo are registered service marks owned by Corcoran Group LLC. Corcoran Pacific Properties fully supports the principles ofthe Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.
At Corcoran Pacific Properties, we dream big. We know that luxury is not a price point, but an experience. Through our commitment to providing first-class support for our 250+ award-winning real estate professionals, we deliver a distinctive and authentic experience to our agents, employees and clients, helping people find the lifestyle they seek. Anton Steenman President & CEO
OAHU OFFICES Kahala Office
4211 Waialae Ave. Suite 106 Honolulu, HI 96816 (800) 315-3898
Kailua Office
419-B Kuulei Rd. Kailua, HI 96816 (800) 315-3898
MAUI OFFICES Wailea Office
34 Wailea Gateway Pl. Suite A-204 Kihei, HI 96753 (800) 315-3898
Turtle Bay Office
57-091 Kamehameha Hwy Kahuku, HI 96731 (800) 315-3898
KAUAI OFFICES Lahaina Office
75 Kupuohi St. Suite 203 Lahaina, HI 96761 (800) 315-3898
Koloa Office
Princeville Office
Mauna Lani Portfolio
Waimea Office
3417 Poipu Rd. Suite 110B Koloa, HI 96756 (800) 315-3898
5-4280 Kuhio Hwy. Suite B-103 Princeville, HI 96722 (800) 315-3898
HAWAII ISLAND OFFICES Hilo Office
64 Keawe St. Suite 203 Hilo, HI 96720 (800) 315-3898
Kona Office
Walua Professional Bldg. 75-5905 Walua Rd. Suite 9 Kailua-Kona, HI 96740 (800) 315-3898
Mauna Lani Auberge Resort 68-1400 Mauna Lani Dr, Suite 108 Waimea, HI 96743 (800) 315-3898
65-1291 Kawaihae Rd. Suite 101 C Kamuela, HI 96743 (800) 315-3898
Table of Contents Page 5
Luxury Report Explained
Page 6
Welcome Message
Page 7-10
North American Luxury Market Review
Page 11
13-Month Market Trends
Page 12
Single-Family Homes Monthly Overview
Page 13
Attached Homes Monthly Overview
Page 23
Hawaii Luxury Market Review
Page 24
Kauai Market review
Page 29
Oahu Market Review
Page 34
Maui Market Review
Page 39
Island of Hawaii Market Review
Page 44
Thank You
Luxury Report Explained The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-squarefoot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More indepth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/ or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically, this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.
Report Glossary REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceed current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
This is your
Luxury Market Report
W
Map of Luxury Residential Markets
elcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing, this report provides an in-
depth look at the top residential markets across the United States and Canada. Within the individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and sold properties designed to showcase current market status and recent trends. The national report illustrates a compilation of the top North American markets to review overall standards and trends.
Copyright © 2020 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.
North American Luxury Review The Institute’s six-month review of the Luxury Real Estate Market in 2021 This month the Institute reviews the first six months of the luxury real market during 2021. We consider ongoing as well as new trends, compare predictions at the start of the year against the reality of the last six months, and examine future expectations. The sales for luxury properties between January and June 2021 show steady growth, with demand significantly increasing in the spring and trending upwards in early summer. At the start of 2021, experts predicted a strong luxury real estate market that built on the trends set in the second half of 2020. However, very few anticipated just how much impact buyer demand would still have on 2021’s spring market.
Attached Home Sales
Single Family Home Sales
January - June 2021
January - June 2021
Active Properties
Sold Properties
Active Properties
14,000
35,000
12,000
30,000
10,000
25,000
8,000
20,000
6,000
15,000
4,000
10,000
2,000
5,000
0
0 JAN
FEB
MAR
APR
MAY
JUN
*Figures based on the 101 markets researched by The Institute for Luxury Home Marketing.
JAN
FEB
MAR
Sold Properties
APR
MAY
JUN
Many luxury professionals reported that, for specific price bands in their single-family home market, inventory levels were almost non-existent and bidding wars became quite extreme. One member shared that a buyer attempted to outbid competitors by offering to name their first born after her sellers! Fortunately, inventory levels have started to climb in the latter part of April, and into May and June, which offset some of the multiple-bid situations and allowed markets to begin achieving greater stability, as well as a more normal pace in the buying and selling process. “Record low interest rates, increased household savings, strengthening stock market, and a continued focus on living space during the pandemic were all factors that helped bolster demand,” stated Diane Hartley, CEO of The Institute for Luxury Home Marketing. “Now the steady, and in some markets “heady,” price growth has started to encourage more sellers to list their homes.” While real estate in the US tends to be controlled by the market forces of supply and demand, in Canada the federal government revised the borrowing rules on their mortgages on June 1, 2021, reducing the maximum borrowing amount by approximately 4.5 percent. Coupled with the average mortgage rate climbing back over 2% for the first time since January 2021, many are now waiting to see if these factors will have any effect on Canada’s current market cycle. However, overall experts agree that, on reviewing the current patterns and trends for the majority of North America’s luxury markets, we have now entered into a steady and calmer phase; and this has been clearly reflected in the statistical data over the last few months. Inventory levels have been rising since March 2021; as of the end of June there has been a 22.68% rise of luxury properties on the market, and the number of pending sales has also started to decrease. The realization that there is no immediate sign of a dramatic rise in mortgage rates, has enabled buyers to recognize that they do not need to feel the same sense of urgency as they felt in the spring. But make no mistake, the luxury real estate market is still a seller’s market currently, and some markets have remained very hot and cities such as New York, where the wealthy are making their grand return, have seen dramatic changes. MansionGlobal.com reported on July 12th, 2021 that in New York “Deal making in the top 10% of the market shot up by more than 150% in the second quarter, as well-heeled residents mark their return and size up.”
Mansion Global also reported that the top-three most competitive markets for June in the US, were Sarasota, Florida that saw 87% of their listings receive competing offers, followed by Charleston, South Carolina at 82.9% and Reno, Nevada at 80%. In Canada, the Financial Post reported that the luxury real estate market keeps smashing records. Toronto leads the charge with a 400% increase in homes sales for properties worth $4 million Canadian dollars or more, year over year, followed by Vancouver that reports a similar pace with a 300% increase year over year. However, the increase of 236% in homes sales for properties over $1 million makes Calgary the most significant recipient, as even by the end of 2020 their market had only experienced a slow uptick in sales – the recent price boom on oil and gas has definitely contributed to this rebound. Overall, even for hot markets, the expectation is, while the luxury housing market will still experience strong seller market conditions, the intensity of demand will continue to decrease and there will be a gradual but ongoing shift towards a more typical pace. One of the largest increases in demand over the last 6 months has been for properties in the attached luxury market. As the affluent fled their big city homes throughout North America in the early months of the pandemic many feared that this exodus was the start of the downturn for apartment-style living. While this market, especially in the cities has taken longer to rebound, not only are the affluent returning but a new generation and demographic of buyers have appeared on the scene. The exodus opened up a doorway that had been firmly shut in previous years, when the popularity of urban living was at its peak and prices continually escalated. Highly prized luxurious properties in renowned communities in cities such as New York, Boston, San Francisco, which rarely came on the market, were suddenly available and found eager buyers. Equally, larger townhomes and low-rise condominiums which offered space, light, balconies, backyards and/or easy access to parks and trails found themselves in high demand. Buyers of these homes tended to be people who were not ready to leave their city, often being in a position that they either could not leave, or the pandemic restrictions did not impact their lifestyle or daily requirements to the same level as those selling their homes. However, it wasn’t until the start of 2021 that the rebound of the high-rise condominium market began to make its mark. The level of available inventory – both new and existing – coupled with low mortgage rates, stagnant and lower price points created an opportunity for new buyers. One such group are those who moved their family to exurban communities, who are now back looking to purchase a piedà-terre in the city. They seek to gain a foothold back in the market for many reasons, but predominately because they are returning to their office, at least part-time. Another group are the newly-minted adults of Gen Z (24 and below), who unlike the Millennials (25-39) at the same age, are looking to put their wealth into real estate, and even some of the younger Millennials have started to appreciate the opportunity. They see a future for themselves in the city, still drawn by the magnetism of these financial, cultural, and highpaced lifestyles, and ready to take a long-term approach that things will go back to normal.
At the same time, lifestyle destination and rural community markets have seen substantial increases in demand for their attached properties. The baby boomer generation, in particular, have elected to fast track their plans, skipping the transitional stage of living in the city, and instead have started to purchase their ultimate retirement property now. Looking forward, barring any sudden new dramatic developments, the luxury real estate market for both single-family homes and attached properties looks to maintain its steady course of high demand. However, of more significance for the future are the new preferences of the affluent today and how these have become a major force driving change throughout the whole industry. COVID-19 created a huge focus on how homes are built and valued. As a result, there is now an expectation by the wealthy for an array of services to be integrated into their home, to help create balanced solutions that cater to their core needs of working, sleeping, playing, and eating. New designs have begun to pivot dramatically toward more integrated live/work/play balances, providing solutions for indoor/outdoor living. Design and functionality are focused on ensuring flex space, greater square footage, more outdoor space, extra rooms and secure, and fast data connectivity. Engineering features now include health functionality, such as air quality, ambient heat and cooling systems, water filtration, and technology driven management tools. Of equal importance are the demographic groups who are influencing both current and future trends. Millennials and Gen Z groups are entering the real estate market. Whether their wealth is entrepreneurial, or as a result of the great wealth transfer from their baby boomer relatives, or their investment in the stock market or crypto currency market – their impact on purchasing luxury properties will continue increase significantly. Baby boomers also remain a big influence on the luxury market – if they choose not to downsize or move to their retirement home, as they did during the previous 12 months, then this impacts the level of new inventory that typically comes on the market each year. The art of selling and buying in this market needs a critical and analytical approach, understanding the realities and setting expectations accordingly will ensure that goals are achieved. For homeowners looking to sell their luxury home in today’s market, we recommend working with a Realtor who can capitalize on the preferences of current investors.
13-Month Market Trends For the Luxury North American Market
Single-Family Homes
Attached Homes
Single-Family List Price
Attached List Price
All data is based off median values. Median prices represent properties priced above respective city benchmark prices.
40
38
Days on Market
35
33
36
33
32
33
30
31
34
33
31
31
37
32
30
34
18
28
24 20
10
10
10
15 13
12
0 JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JAN
FEB
$534
$520
$513
$499 MAR
APR
MAY
$438
DEC
$421
NOV
$425
OCT
$422
$494 $401
$485 $406
$489 $396
$488 $390
$492 $398
$471
$465 $388
$300
$382
$488 $380
$400
$472
$500
$353
Price per Square Foot
$600
$200
$100
$0 JUN
JUL
AUG
SEP
JUN
$2,100,000
Sales Price vs. List Price
$1,900,000 $1,700,000 $1,500,000 $1,300,000 $1,100,000 $900,000 $700,000 $500,000 JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
Discrepancies in previous month statistics between the May 2021 and June 2021 reports are due to the addition of Portland, Oregon.
MAY
JUN
Luxury Monthly Market Review A Review of Key Market Differences Year over Year June 2020 | June 2021
Single-Family Homes
Median List Price
Median Sale Price
June 2021
$1,749,000
$1,890,000
97.02%
100.00%
$1,397,500
Median SP/LP Ratio Total Sales Ratio
June 2020
Median Price per Sq. Ft.
21.33% $353
$1,437,500 74.31%
$438
June 2020
June 2021
45,571
31,027
9,722
23,056
Total Inventory New Listings
13,884
Total Sold
Median Days on Market
38
Average Home Size
13,687
3,823
10
3,429
Median prices represent properties priced above respective city benchmark prices.
197
13,334
New Listings
Total Sold
28
52.98%
Med. Sale Price
Days on Market
Sales Ratio
40,000
$
Single-Family Homes Market Summary | June 2021 •
Official Market Type: Seller's Market with a 74.31% Sales Ratio.1
•
Homes are selling for an average of 100.00% of list price.
•
The median luxury threshold2 price is $1,000,000, and the median luxury home sales price is $1,437,500.
•
Markets with the Highest Median Sales Price: Vail ($4,400,000), Los Angeles Beach Cities ($3,900,000), Vancouver ($3,350,000), and San Francisco ($3,335,000).
•
Markets with the Highest Sales Ratio: East Bay (423%), Raleigh-Durham (224%), St. Louis (193%) and GTA-Durham (193%). Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from
1
previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
Luxury Monthly Market Review A Review of Key Market Differences Year over Year June 2020 | June 2021
Attached Homes Median List Price
Median Sale Price
June 2021
$997,000
$1,154,888
98.53%
100.00%
$935,000
Median SP/LP Ratio Total Sales Ratio
June 2020
Median Price per Sq. Ft.
13.53% $472
$942,442 47.53%
$534
Total Inventory New Listings
June 2020
June 2021
17,076
11,728
2,311
5,574
5,365
Total Sold
Median Days on Market
35
Average Home Size
2,186
4,397 12
1,967
Median prices represent properties priced above respective city benchmark prices.
968
New Listings
3,263 Total Sold
Med. Sale Price
Days on Market
7,442
$
23
34.00% Sales Ratio
Attached Homes Market Summary | June 2021 •
Official Market Type: Seller's Market with a 47.53% Sales Ratio.1
•
Attached homes are selling for an average of 100.00% of list price.
•
The median luxury threshold2 price is $746,250, and the median attached luxury sale price is $942,442.
•
Markets with the Highest Median Sales Price: Vail ($3,100,000), San Francisco ($2,395,000), Maui ($2,025,000), and Greater Boston ($1,812,500).
•
Markets with the Highest Sales Ratio: Douglas County (700%), Ventura County (329%), Ada County (288%) and East Bay (263%). Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from
1
previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
Luxury Monthly Market Review Single-Family Homes
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
Calgary
$1,185,000
$1,030,000
641
310
213
20
Seller's
AZ
Paradise Valley
$4,490,000
$3,325,000
108
26
51
40
Seller's
AZ
Phoenix
$896,950
$775,000
314
168
362
22
Seller's
AZ
Scottsdale
$2,392,500
$1,665,000
326
125
248
32
Seller's
AZ
Tucson
$750,000
$692,170
355
156
318
6
Seller's
BC
Okanagan Valley
$2,050,000
$1,574,400
451
204
102
22
Seller's
BC
Vancouver
$4,184,000
$3,350,000
1222
411
138
10
Buyer's
BC
Victoria
$2,199,000
$2,100,000
161
63
5
13
Buyer's
CA
Central Coast
$3,122,000
$2,450,000
202
74
108
12
Seller's
CA
East Bay
$2,587,500
$1,950,000
168
140
711
7
Seller's
CA
Greater Palm Springs
$2,747,500
$1,672,000
134
59
126
27
Seller's
CA
Lake Tahoe
$2,500,000
$1,600,000
31
4
15
47
Seller's
CA
Los Angeles Beach Cities
$5,225,000
$3,900,000
397
146
159
13
Seller's
CA
Los Angeles City
$3,919,000
$3,180,000
628
225
165
14
Seller's
CA
Los Angeles The Valley
$2,825,000
$2,001,000
328
181
275
10
Seller's
CA
Marin County
$3,900,000
$3,002,500
79
11
50
19
Seller's
CA
Napa County
$3,497,500
$2,050,000
106
10
18
42
Balanced
CA
Orange County
$3,496,944
$2,295,000
574
255
592
10
Seller's
CA
Placer County
$1,300,000
$1,065,000
143
36
163
7
Seller's
CA
Sacramento
$999,999
$915,000
405
137
473
6
Seller's
CA
San Diego
$2,799,000
$1,825,000
625
307
591
7
Seller's
CA
San Francisco
$4,275,000
$3,335,000
94
35
122
9
Seller's
CA
San Luis Obispo County
$1,999,888
$1,400,000
129
43
94
49
Seller's
CA
Santa Barbara
$5,772,500
$3,025,000
106
49
59
11
Seller's
CA
Silicon Valley
$5,340,000
$3,325,000
294
167
549
7
Seller's
CA
Sonoma County
$2,595,000
$1,705,000
202
51
122
26
Seller's
CA
Ventura County
$2,800,000
$1,700,000
168
62
133
24
Seller's
State
Market Name
AB
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Single-Family Homes
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
Boulder
$2,095,000
$1,539,500
155
89
142
36
Seller's
CO
Colorado Springs
$1,200,000
$875,000
175
96
141
4
Seller's
CO
Denver
$1,860,000
$1,400,000
298
174
405
4
Seller's
CO
Douglas County
$1,708,257
$1,200,000
128
64
176
4
Seller's
CO
Durango
$1,797,500
$1,143,500
78
23
30
68
Seller's
CO
Summit County
$3,662,500
$1,522,500
24
11
12
3
Seller's
CO
Vail
$6,722,500
$4,400,000
66
14
12
116
Balanced
CT
Central Connecticut
$677,000
$597,450
391
143
226
6
Seller's
CT
Coastal Connecticut
$2,350,000
$1,730,000
766
215
363
35
Seller's
DC
Washington D.C.
$4,995,000
$2,700,000
53
19
37
6
Seller's
FL
Boca Raton/Delray Beach
$2,995,000
$1,887,500
249
83
144
17
Seller's
FL
Greater Fort Lauderdale
$1,692,000
$1,146,000
624
241
398
15
Seller's
FL
Jacksonville Beaches
$1,654,900
$1,242,500
118
54
94
16
Seller's
FL
Lee County
$1,695,000
$1,350,000
245
83
140
9
Seller's
FL
Miami
$2,000,000
$1,500,000
554
167
148
37
Seller's
FL
Naples
$5,150,000
$2,772,500
113
38
80
14
Seller's
FL
Orlando
$1,440,000
$1,146,053
311
112
220
11
Seller's
FL
Palm Beach Towns
$4,475,000
$2,575,000
123
31
65
25
Seller's
FL
Pinellas County West
$2,599,500
$1,835,000
50
32
33
4
Seller's
FL
Sarasota & Beaches
$2,897,500
$1,700,000
126
42
107
15
Seller's
FL
South Pinellas County
$1,650,000
$1,300,000
97
48
71
4
Seller's
FL
South Walton
$2,600,000
$2,100,000
151
62
93
11
Seller's
FL
Tampa
$894,250
$686,550
426
230
414
4
Seller's
FL
Weston
$1,150,000
$920,000
59
33
62
16
Seller's
GA
Atlanta
$1,495,000
$1,200,000
548
234
319
9
Seller's
HI
Island of Hawaii
$2,650,000
$1,800,000
63
12
27
14
Seller's
State
Market Name
CO
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Single-Family Homes
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
Kauai
$2,720,000
$1,935,000
56
15
30
36
Seller's
HI
Maui
$3,947,500
$2,680,000
118
27
39
115
Seller's
HI
Oahu
$3,812,500
$2,270,000
150
32
67
13
Seller's
ID
Ada County
$852,450
$750,000
314
225
351
4
Seller's
ID
Northern Idaho
$1,250,000
$805,000
333
197
184
47
Seller's
IL
Chicago
$1,399,000
$1,225,000
1398
577
579
14
Seller's
IL
DuPage County
$1,199,000
$939,950
395
180
236
10
Seller's
IL
Lake County
$1,149,500
$870,000
380
148
219
18
Seller's
IL
Will County
$725,000
$605,000
201
82
190
7
Seller's
IN
Hamilton County
$950,000
$739,950
85
48
118
4
Seller's
MA
Greater Boston
$3,487,500
$2,560,000
124
38
63
14
Seller's
MD
Anne Arundel County
$1,037,500
$917,500
150
60
134
5
Seller's
MD
Montgomery County
$2,000,000
$1,558,500
140
81
174
6
Seller's
MD
Talbot County
$2,995,000
$1,535,000
41
9
14
11
Seller's
MD
Worcester County
$1,199,999
$744,500
41
16
14
5
Seller's
MI
Livingston County
$775,000
$677,500
64
29
32
9
Seller's
MI
Monroe County
$699,900
$602,500
18
9
4
182
Seller's
MI
Oakland County
$829,900
$652,500
639
333
470
9
Seller's
MI
Washtenaw County
$899,000
$749,000
135
55
71
7
Seller's
MI
Wayne County
$699,900
$630,000
224
90
126
7
Seller's
MO
Kansas City
$699,521
$647,000
606
209
474
3
Seller's
MO
St. Louis
$280,000
$260,000
498
346
962
6
Seller's
NC
Charlotte
$1,120,000
$940,000
311
127
403
3
Seller's
NC
Raleigh-Durham
$850,000
$690,000
293
164
657
2
Seller's
NJ
Ocean County
$949,000
$805,000
280
117
129
13
Seller's
NV
Lake Tahoe
$3,500,000
$2,600,000
51
26
28
47
Seller's
State
Market Name
HI
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Single-Family Homes
State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
NV
Las Vegas
$920,000
$729,000
831
396
672
9
Seller's
NV
Reno
$1,890,000
$1,767,500
39
17
46
49
Seller's
NY
Brooklyn
$1,655,000
$1,425,000
512
108
42
80
Buyer's
NY
Nassau County
$1,985,000
$1,548,500
929
261
154
39
Balanced
NY
Suffolk County
$1,700,000
$1,437,500
829
263
194
55
Seller's
ON
GTA - Durham
$1,599,450
$1,300,000
156
214
301
6
Seller's
ON
GTA - York
$2,532,000
$1,875,000
526
373
287
11
Seller's
ON
Oakville
$2,888,888
$2,920,000
29
15
3
62
Buyer's
ON
Toronto
$3,695,000
$3,175,000
351
268
175
8
Seller's
OR
Portland
$1,476,000
$1,150,000
402
171
339
5
Seller's
TN
Nashville
$1,990,000
$1,290,750
233
130
288
3
Seller's
TX
Austin
$1,250,000
$950,000
303
215
521
5
Seller's
TX
Collin County
$782,450
$685,000
322
223
563
4
Seller's
TX
Dallas
$1,275,000
$1,015,630
265
140
216
5
Seller's
TX
Denton County
$802,200
$720,500
224
151
351
5
Seller's
TX
Fort Worth
$974,990
$840,000
307
176
380
5
Seller's
TX
Houston
$979,950
$876,300
1350
568
516
12
Seller's
TX
The Woodlands & Spring
$1,100,000
$750,000
178
93
180
6
Seller's
UT
Park City
$5,587,500
$2,995,000
78
31
49
10
Seller's
UT
Salt Lake City
$1,351,500
$987,000
151
90
214
7
Seller's
VA
Arlington & Alexandria
$1,975,000
$1,750,000
77
38
53
7
Seller's
VA
Fairfax County
$2,243,475
$1,502,500
302
111
240
6
Seller's
VA
McLean & Vienna
$2,650,000
$1,775,000
153
48
75
8
Seller's
VA
Richmond
$849,000
$762,000
171
53
155
7
Seller's
WA
Greater Seattle
$1,795,000
$1,650,000
757
413
1115
5
Seller's
WA
Seattle
$1,890,000
$1,681,000
125
76
238
6
Seller's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Attached Homes
State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$751,695
$713,500
176
52
30
53
Balanced
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$949,000
$725,000
93
42
98
34
Seller's
AZ
Tucson
-
-
-
-
-
-
-
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$2,000,000
$1,759,900
786
305
109
8
Buyer's
BC
Victoria
$950,000
$805,500
277
86
4
4
Buyer's
CA
Central Coast
$1,074,500
$975,000
12
10
23
11
Seller's
CA
East Bay
$1,158,851
$1,077,500
73
55
192
7
Seller's
CA
Greater Palm Springs
CA
Lake Tahoe
$2,750,000
$1,450,000
15
5
1
134
Buyer's
CA
Los Angeles Beach Cities
$1,799,500
$1,647,500
154
83
90
11
Seller's
CA
Los Angeles City
$1,712,450
$1,350,000
360
140
92
18
Seller's
CA
Los Angeles The Valley
$817,500
$800,000
52
38
85
10
Seller's
CA
Marin County
$1,250,000
$1,336,500
20
4
10
37
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,272,500
$991,500
136
76
226
7
Seller's
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,428,000
$1,047,500
259
128
218
8
Seller's
CA
San Francisco
$2,695,000
$2,395,000
111
25
47
13
Seller's
CA
San Luis Obispo County
-
-
-
-
-
-
-
CA
Santa Barbara
$1,574,500
$1,705,000
10
9
12
11
Seller's
CA
Silicon Valley
$1,750,000
$1,650,000
67
40
121
8
Seller's
CA
Sonoma County
$789,500
$694,500
9
5
4
29
Seller's
CA
Ventura County
$889,000
$814,000
7
7
23
13
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Attached Homes
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
$1,000,000
$941,935
53
23
38
45
Seller's
-
-
-
-
-
-
-
Denver
$965,000
$865,000
147
62
71
12
Seller's
CO
Douglas County
$579,900
$515,000
1
0
7
3
Seller's
CO
Durango
$875,000
$730,000
13
8
20
63
Seller's
CO
Summit County
N/A
$1,615,000
0
1
8
5
CO
Vail
$4,995,000
$3,100,000
62
12
17
161
Seller's
CT
Central Connecticut
-
-
-
-
-
-
-
CT
Coastal Connecticut
$1,072,500
$720,000
184
48
82
39
Seller's
DC
Washington D.C.
$1,995,450
$1,610,000
180
73
99
7
Seller's
FL
Boca Raton/Delray Beach
$1,492,500
$831,250
168
40
114
22
Seller's
FL
Greater Fort Lauderdale
$900,000
$800,000
645
136
241
50
Seller's
FL
Jacksonville Beaches
$984,500
$942,950
28
9
18
23
Seller's
FL
Lee County
$907,450
$770,000
80
29
114
17
Seller's
FL
Miami
$1,355,000
$1,300,000
1364
246
214
105
Balanced
FL
Naples
$2,322,000
$1,509,000
88
27
75
16
Seller's
FL
Orlando
$825,000
$648,700
64
19
30
13
Seller's
FL
Palm Beach Towns
$1,799,000
$1,695,000
127
44
69
40
Seller's
FL
Pinellas County West
$1,682,000
$990,000
84
34
70
7
Seller's
FL
Sarasota & Beaches
$2,549,500
$1,510,000
78
25
62
8
Seller's
FL
South Pinellas County
$1,375,000
$925,000
59
29
55
6
Seller's
FL
South Walton
$1,254,000
$1,250,000
129
41
33
14
Seller's
FL
Tampa
$1,250,000
$650,397
60
38
53
5
Seller's
FL
Weston
-
-
-
-
-
-
-
GA
Atlanta
$687,400
$595,000
483
193
185
13
Seller's
HI
Island of Hawaii
$3,075,000
$1,400,000
24
7
17
8
Seller's
State
Market Name
CO
Boulder
CO
Colorado Springs
CO
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Attached Homes
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
Kauai
$3,200,000
$1,282,500
35
4
20
62
Seller's
HI
Maui
$2,475,000
$2,025,000
38
9
42
89
Seller's
HI
Oahu
$1,399,000
$960,000
273
68
121
12
Seller's
ID
Ada County
$649,900
$585,000
8
6
23
3
Seller's
ID
Northern Idaho
-
-
-
-
-
-
-
IL
Chicago
$1,175,000
$950,000
872
287
272
37
Seller's
IL
DuPage County
$697,000
$715,000
52
14
19
12
Seller's
IL
Lake County
-
-
-
-
-
-
-
IL
Will County
-
-
-
-
-
-
-
IN
Hamilton County
-
-
-
-
-
-
-
MA
Greater Boston
$2,662,500
$1,812,500
320
110
132
20
Seller's
MD
Anne Arundel County
$557,990
$560,000
51
32
65
7
Seller's
MD
Montgomery County
$819,450
$753,000
114
64
127
7
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$697,450
$740,000
54
19
25
11
Seller's
MI
Livingston County
-
-
-
-
-
-
-
MI
Monroe County
-
-
-
-
-
-
-
MI
Oakland County
$688,420
$650,000
66
27
19
22
Seller's
MI
Washtenaw County
$699,948
$660,000
54
22
21
17
Seller's
MI
Wayne County
$675,000
$567,500
59
14
8
4
Buyer's
MO
Kansas City
-
-
-
-
-
-
-
MO
St. Louis
-
-
-
-
-
-
-
NC
Charlotte
$750,000
$570,000
142
53
66
9
Seller's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NJ
Ocean County
$799,450
$652,000
32
8
24
10
Seller's
NV
Lake Tahoe
$1,724,750
$1,005,000
4
3
8
38
Seller's
State
Market Name
HI
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury Monthly Market Review Attached Homes
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Brooklyn
$1,388,000
$1,130,000
278
69
38
55
Buyer's
NY
Nassau County
$1,399,999
$1,400,000
133
20
13
39
Buyer's
NY
Suffolk County
$734,500
$669,500
120
52
52
31
Seller's
ON
GTA - Durham
$759,990
$748,050
13
7
30
7
Seller's
ON
GTA - York
$788,944
$745,000
154
148
102
9
Seller's
ON
Oakville
$1,392,000
$1,100,000
38
15
3
14
Buyer's
ON
Toronto
$1,289,450
$1,115,000
670
486
307
10
Seller's
OR
Portland
$749,950
$685,000
194
78
69
10
Seller's
TN
Nashville
$998,000
$628,000
77
26
80
7
Seller's
TX
Austin
$938,500
$795,000
82
54
99
6
Seller's
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$949,000
$627,500
147
48
44
21
Seller's
TX
Denton County
-
-
-
-
-
-
-
TX
Fort Worth
-
-
-
-
-
-
-
TX
Houston
$669,000
$650,000
171
65
45
36
Seller's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$2,472,500
$1,718,639
50
9
37
10
Seller's
UT
Salt Lake City
$575,000
$570,000
39
26
53
17
Seller's
VA
Arlington & Alexandria
$1,280,000
$1,000,000
79
40
84
6
Seller's
VA
Fairfax County
$725,840
$698,000
187
112
221
5
Seller's
VA
McLean & Vienna
$1,257,473
$996,876
44
21
31
6
Seller's
VA
Richmond
-
-
-
-
-
-
-
WA
Greater Seattle
$1,154,888
$981,500
233
93
163
6
Seller's
WA
Seattle
$1,441,000
$1,295,250
107
34
34
7
Seller's
State
Market Name
NV
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
Luxury IS IN
EACH DETAIL. HUBERT DE GIVENCHY
Hawaii
Luxury Market Review Corcoran Pacific Properties is pleased to present a closer look at the luxury real estate market in Hawaii, showcasing detailed statistical analysis of Kauai, Oahu, Maui and the Island of Hawaii for June 2021. This month we take a look at the first six months of 2021 and analyze how the luxury real estate market has performed, while reviewing significant trends in purchasing power and affluent buyer requirements. Similar to the rest of America, the expectation for Hawaii’s luxury real estate market in 2021 had been predicted in January to continue to show a strong demand, especially during the spring months. However, while the extraordinary level of demand for single family home sales was featured strongly in the media over the last 6 months, the greatest growth has actually been in the attached luxury market, where the number of sales still continues to increase month over month. The trend graphs for each of the island’s luxury single family markets show a strong, but continual, decrease in the inventory levels and increase in the number of sales over the last six months. June’s statistics show that in 2021 the number of sales compared to last year is up by 329%, the median price has increased by 19% and inventory levels have dropped by 41%. In comparison, the trend graphs for each of the island’s attached luxury market shows more dramatic decreases in the inventory levels and increases in the number of sales, especially between the months of February and May, 2021. June’s statistics show that in 2021 the number of sales compared to last year is up by 365% and inventory levels have dropped by 46%. Although the median price has decreased by 22% it is important to note that last year’s demand trended only towards larger properties and those with their own front door, ie. mainly townhomes, which, in general, command a higher price than condominiums. Hawaii’s residential property market has skyrocketed over the last six months and in particular the luxury segment has seen much competitive bidding, sales over asking prices and all-cash transactions. The drive by affluent buyers to own a private getaway, spaces that are large enough for their family to escape, but remain both active and connected, work from home and enable them to feel safe has been key to this influx of demand. As we move into the summer months there is an expectation that the market will remain strong, but the pace of demand and transactions will ease off, allowing buyers a little more breathing space in which to make their decisions. As always, a real estate expert familiar with local trends is the best resource to navigate a specific market.
July
2021
Kauai Hawaii
KAUAI
Single-Family Homes
Luxury Inventory vs. Sales | June 2021 Inventory
Sales
Luxury Benchmark Price 1: $1,025,000 $6,000,000+ $5,400,000 - $5,999,999 $4,900,000 - $5,399,999
$4,400,000 - $4,899,999 $3,900,000 - $4,399,999 $3,400,000 - $3,899,999 $3,000,000 - $3,399,999 $2,600,000 - $2,999,999
3
0
0 0
Total Inventory: Seller's Market
1
0 2
0
4
1
8
1 2
3
9
5 1
2
1 1 1
2 2
$1,200,000 - $1,299,999
1
7
5
$1,600,000 - $1,799,999
$1,300,000 - $1,399,999
54%
Total Sales Ratio2:
6
$1,800,000 - $2,199,999
$1,400,000 - $1,499,999
56
Total Sales: 30
1
$2,200,000 - $2,599,999
$1,500,000 - $1,599,999
8
6
4
Beds3
Price
DOM
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0-1 Bedrooms
$1,825,000
29
2
2
0
NA
2 Bedrooms
$5,836,250
69
3
2
9
22%
3 Bedrooms
$1,847,500
21
3
14
18
78%
4 Bedrooms
$1,400,000
193
4
7
19
37%
5 Bedrooms
$5,697,500
95
5
4
6
67%
6+ Bedrooms
$1,590,000
40
4
1
4
25%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
KAUAI
Single-Family Homes
13-Month Luxury Market Trend4 Median Sales Price
$1,941,000
$1,700,000
$1,875,000
$2,187,500
$2,022,500
Solds
$2,375,000
$2,154,750 $1,899,500
$1,935,000
$1,862,500
$1,839,500
$1,515,000
$1,495,000
94
90
Inventory
110
104
91
1
7
12
9
Jun-20
Jul-20
Aug-20
Sep-20
107
18 Oct-20
101
91
15
14
Nov-20
Dec-20
89
84
20 Jan-21
14 Feb-21
85
22
73
18
Mar-21
56
30
24
Apr-21
May-21
Jun-21
Median Data Review | June Total Inventory Jun. 2020
Jun. 2021
90
Jun. 2020
30 VARIANCE: 2900 %
Sale Price Per SqFt.
Sale to List Price Ratio
Jun. 2021
473
721 VARIANCE: 52 % $
1
Jun. 2020
Sales Price
Jun. 2021
56 VARIANCE: -38 % Jun. 2020
$
Total Solds
Jun. 2021
Jun. 2020
1.50m
1.94m VARIANCE: 29 %
$
$
Days on Market Jun. 2020
100.00%
98.61% VARIANCE: -1 %
21
Jun. 2021
36 VARIANCE: 71 %
Kauai Market Summary | June 2021 • The Kauai single-family luxury market is a Seller's Market with a 54% Sales Ratio. • Homes sold for a median of 98.61% of list price in June 2021.
• The most active price band is $1,200,000-$1,299,999, where the sales ratio is 200%. • The median luxury sales price for single-family homes is $1,935,000.
• The median days on market for June 2021 was 36 days, up from 21 in June 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
Jun. 2021
KAUAI
Attached Homes
KAUAI
Luxury Inventory vs. Sales | June 2021 Inventory
Attached Homes
Sales
Luxury Benchmark Price 1: $950,000 $5,000,000+ $4,500,000 - $4,999,999
0 0
$4,000,000 - $4,499,999
8
1 0
1
0 0
Total Inventory:
1 1
$2,100,000 - $2,399,999
$1,800,000 - $2,099,999 $1,600,000 - $1,799,999
3
1
$3,200,000 - $3,599,999
$2,400,000 - $2,799,999
4
1
$3,600,000 - $3,999,999
$2,800,000 - $3,199,999
3
0
0
57%
4
3 3 1
$1,100,000 - $1,199,999
1
Total Sales Ratio2:
3
$1,200,000 - $1,399,999
$950,000 - $999,999
Seller's Market
3
$1,400,000 - $1,599,999
$1,000,000 - $1,099,999
Total Sales: 20
4
1
35
2
0
3 1
3
Beds3
Price
DOM
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0-1 Bedrooms
$989,000
1308
1
1
0
NA
2 Bedrooms
$1,122,500
101
2
8
10
80%
3 Bedrooms
$1,407,500
52
3
4
10
40%
4 Bedrooms
$1,650,000
38
4
4
9
44%
5 Bedrooms
$2,532,500
62
5
2
5
40%
6+ Bedrooms
NA
NA
NA
0
1
0%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
KAUAI
Attached Homes
13-Month Luxury Market Trend4 Sale Price
Inventory
Solds
$1,565,000 $1,400,000 $1,052,500
$1,029,000
72
66
$1,100,000
70
$1,150,000
$1,080,000
70
$1,395,000
$1,299,000
69
67
59
55
$1,199,000
$1,189,125
55
44
38 0
4
1
3
4
7
6
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
11 Jan-21
13
14
Feb-21
Mar-21
$1,282,500
39
35
25
13 Apr-21
20
May-21
Jun-21
Median Data Review | June Total Inventory Jun. 2020
Jun. 2021
38
Total Solds Jun. 2020
Jun. 2021
35 VARIANCE: -8 %
20 VARIANCE: N/A
Sale Price Per SqFt.
Sale to List Price Ratio
Jun. 2020
Jun. 2021
878 VARIANCE: N/A
N/A
$
Sales Price Jun. 2020
1.28m VARIANCE: N/A
0
Jun. 2020
Jun. 2021
N/A
$
Days on Market Jun. 2020
N/A
96.93% VARIANCE: N/A
N/A
Jun. 2021
62 VARIANCE: N/A
Kauai Market Summary | June 2021 • The Kauai attached luxury market is a Seller's Market with a 57% Sales Ratio. • Homes sold for a median of 96.93% of list price in June 2021.
• The most active price band is $950,000-$999,999, where the sales ratio is 300%. • The median luxury sales price for attached homes is $1,282,500.
• The median days on market for June 2021 was 62 days, up from in June 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
Jun. 2021
July
2021
Oahu Hawaii
OAHU
Single-Family Homes
Luxury Inventory vs. Sales | June 2021 Inventory
Sales
Luxury Benchmark Price 1: $1,750,000 $9,500,000+ $8,500,000 - $9,499,999
6
0
$7,500,000 - $8,499,999
$6,500,000 - $7,499,999
24
0
1
6
0
$5,500,000 - $6,499,999
19
2
$4,700,000 - $5,499,999 $4,100,000 - $4,699,999
2
7
2
4
1
$3,500,000 - $4,099,999
18
3
$3,100,000 - $3,499,999
9
6
$2,700,000 - $3,099,999
13
6
$2,300,000 - $2,699,999
11
$2,100,000 - $2,299,999
7
$1,900,000 - $2,099,999
7
6
$1,800,000 - $1,899,999 5
1
150
Total Sales: 67 Seller's Market
14
Total Sales Ratio2:
45%
9
7
$1,750,000 - $1,799,999
Total Inventory:
14
8
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$2,100,000
4
3
26
32
81%
3,000 - 3,999
$2,445,000
4
4
20
29
69%
4,000 - 4,999
$2,337,000
4
4
7
25
28%
5,000 - 5,999
$2,687,500
5
4
7
20
35%
6,000 - 6,999
NA
NA
NA
0
8
0%
7,000+
$4,700,000
6
8
7
35
20%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
OAHU
Single-Family Homes
13-Month Luxury Market Trend4 Median Sales Price
$2,342,750
$2,575,000
$2,360,000
$2,450,000 $2,034,000
257
257
14 Jun-20
234
30
35
Aug-20
Sep-20
25 Jul-20
232
229
$2,253,750
Inventory
$2,200,000
224
32 Oct-20
208
Nov-20
$2,650,000 $2,250,000
174 50
28
$2,365,000
Solds
172
29
Dec-20
Jan-21
170
$2,430,000
49
Feb-21
Mar-21
$2,270,000
169
168
40
$2,527,500
150 67
60
49 Apr-21
May-21
Jun-21
Median Data Review | June Total Inventory Jun. 2020
Jun. 2021
257
Jun. 2020
67 VARIANCE: 379 %
Sale Price Per SqFt.
Sale to List Price Ratio
Jun. 2021
680
734 VARIANCE: 8 % $
14
Jun. 2020
Sales Price
Jun. 2021
150 VARIANCE: -42 %
Jun. 2020
$
Total Solds
Jun. 2021
Jun. 2020
$
2.34m
2.27m VARIANCE: -3 % $
Days on Market Jun. 2020
94.19%
100.00% VARIANCE: 6 %
61
Jun. 2021
13 VARIANCE: -79 %
Oahu Market Summary | June 2021 • The Oahu single-family luxury market is a Seller's Market with a 45% Sales Ratio. • Homes sold for a median of 100.00% of list price in June 2021.
• The most active price band is $2,100,000-$2,299,999, where the sales ratio is 200%. • The median luxury sales price for single-family homes is $2,270,000.
• The median days on market for June 2021 was 13 days, down from 61 in June 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
Jun. 2021
OAHU
Attached Homes
Luxury Inventory vs. Sales | June 2021 Inventory
Sales
Luxury Benchmark Price 1: $750,000 $7,000,000+ $6,000,000 - $6,999,999 $5,200,000 - $5,999,999
$4,400,000 - $5,199,999 $3,800,000 - $4,399,999
5
0
5
0 4
0
Seller's Market
16
9
3
12
2
24
8
25
5
$1,500,000 - $1,799,999
21
9
$1,200,000 - $1,499,999
29
8
$1,000,000 - $1,199,999
23
21
$900,000 - $999,999
31
13
$800,000 - $899,999
36
20 22
$750,000 - $799,999
1
44%
Total Sales Ratio2:
11
1
$2,200,000 - $2,599,999
$1,800,000 - $2,199,999
273
Total Sales: 121
1
$3,200,000 - $3,799,999 $2,600,000 - $3,199,999
Total Inventory:
30
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
$875,000
1
2
18
75
24%
1,000 - 1,499
$946,250
2
2
60
91
66%
1,500 - 1,999
$919,500
3
3
30
48
63%
2,000 - 2,499
$1,800,000
3
2
9
28
32%
2,500 - 2,999
$2,050,000
3
3
4
8
50%
3,000+
NA
NA
NA
0
23
0%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
OAHU
Attached Homes
13-Month Luxury Market Trend4 Median Sales Price
$990,000
$891,000
$900,000
$879,000
472
481
480
29 Jun-20
467
465
39
45
Aug-20
Sep-20
34 Jul-20
$860,000
$918,888
453
44 Oct-20
Inventory
$890,000
394
41
55
Nov-20
Dec-20
Solds
$875,000
$903,500
345
360
44 Jan-21
$970,000
$949,000
$981,500
$960,000
338
324
301
273
76
87
Feb-21
Mar-21
121
88
83 Apr-21
May-21
Jun-21
Median Data Review | June Total Inventory Jun. 2020
Jun. 2021
472
Jun. 2020
Jun. 2021
273 VARIANCE: -42 %
121 VARIANCE: 317 %
Sale Price Per SqFt.
Sale to List Price Ratio
Jun. 2020
Jun. 2021
732
$
Total Solds
803 VARIANCE: 10 % $
29
Jun. 2020
Jun. 2021
Sales Price Jun. 2020
891k
$
960k VARIANCE: 8 % $
Days on Market Jun. 2020
97.30%
100.00% VARIANCE: 3 %
118
Jun. 2021
12 VARIANCE: -90 %
Oahu Market Summary | June 2021 • The Oahu attached luxury market is a Seller's Market with a 44% Sales Ratio. • Homes sold for a median of 100.00% of list price in June 2021.
• The most active price band is $750,000-$799,999, where the sales ratio is 136%. • The median luxury sales price for attached homes is $960,000.
• The median days on market for June 2021 was 12 days, down from 118 in June 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
Jun. 2021
July
2021
Maui Hawaii
MAUI
Single-Family Homes
Luxury Inventory vs. Sales | June 2021 Inventory
Sales
Luxury Benchmark Price 1: $1,500,000 $12,000,000+ $9,900,000 - $11,999,999
9
0
7
0
$7,900,000 - $9,899,999
$5,900,000 - $7,899,999
12
2
12
1
$4,900,000 - $5,899,999 $3,900,000 - $4,899,999 $3,400,000 - $3,899,999
7
4
14
4
8
1
$2,900,000 - $3,399,999
10
2
$2,400,000 - $2,899,999
9
$2,200,000 - $2,399,999 $2,000,000 - $2,199,999
Total Inventory:
8
3
Seller's Market
7
2
$1,700,000 - $1,799,999
118
Total Sales: 39
4
1
$1,800,000 - $1,999,999
1
10
Total Sales Ratio2: 4
2
$1,600,000 - $1,699,999
3
$1,500,000 - $1,599,999
3
33%
4 4
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 1,999
$2,250,000
3
2
8
25
32%
2,000 - 2,999
$1,800,000
4
3
14
26
54%
3,000 - 3,999
$2,750,000
3
4
11
21
52%
4,000 - 4,999
$4,050,000
4
5
3
24
13%
5,000 - 5,999
NA
NA
NA
0
8
0%
6,000+
$4,150,000
4
5
3
14
21%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
MAUI
Single-Family Homes
13-Month Luxury Market Trend4 Median Sales Price
Inventory
Solds $3,550,000
$2,775,000 $1,995,000 171
$2,275,000 $1,900,000
166
172
161
9
8
Jun-20
Jul-20
$2,149,000
$2,100,000
179
170
21
14
Aug-20
Sep-20
18 Oct-20
$2,600,000
$2,412,500
$2,262,500
155
129
26
26
Nov-20
Dec-20
125
24 Jan-21
$2,495,000
116
116
29
35
Feb-21
Mar-21
$2,680,000
$2,332,500
118
103 43
39
34
Apr-21
May-21
Jun-21
Median Data Review | June Total Inventory Jun. 2020
Jun. 2021
171
Jun. 2020
39 VARIANCE: 333 %
Sale Price Per SqFt.
Sale to List Price Ratio
Jun. 2021
707
880 VARIANCE: 24 % $
9
Jun. 2020
Sales Price
Jun. 2021
118 VARIANCE: -31 %
Jun. 2020
$
Total Solds
Jun. 2021
Jun. 2020
2.00m
Jun. 2021
2.68m VARIANCE: 34 %
$
$
Days on Market Jun. 2020
91.39%
98.45% VARIANCE: 8 %
Jun. 2021
233
115 VARIANCE: -51 %
Maui Market Summary | June 2021 • The Maui single-family luxury market is a Seller's Market with a 33% Sales Ratio. • Homes sold for a median of 98.45% of list price in June 2021.
• The most active price bands are $1,500,000-$1,599,999 and $1,600,000-$1,699,999, where the sales ratio is 133%.
• The median luxury sales price for single-family homes is $2,680,000.
• The median days on market for June 2021 was 115 days, down from 233 in June 2020. Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
MAUI
Attached Homes
Luxury Inventory vs. Sales | June 2021 Inventory
Sales
Luxury Benchmark Price 1: $1,200,000 8 8
$4,500,000+ 3 3
$3,600,000 - $4,499,999 $3,100,000 - $3,599,999 1
$2,600,000 - $3,099,999 $2,400,000 - $2,599,999 $2,200,000 - $2,399,999
0
6
1
1
$1,900,000 - $1,999,999
$1,700,000 - $1,799,999
5 2
$2,000,000 - $2,199,999
$1,800,000 - $1,899,999
3
2
Total Inventory:
2
Seller's Market
2
0 0
111%
Total Sales Ratio2:
2
1 1
$1,600,000 - $1,699,999 $1,500,000 - $1,599,999
0
$1,400,000 - $1,499,999
0
1 4 3 3
$1,300,000 - $1,399,999
5
$1,200,000 - $1,299,999
1
Total Sales: 42
4
1
38
8
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
$1,249,000
1
2
1
4
25%
1,000 - 1,499
$1,449,000
2
2
12
13
92%
1,500 - 1,999
$2,050,000
3
3
17
5
340%
2,000 - 2,499
$2,624,750
3
3
8
3
267%
2,500 - 2,999
$4,850,000
3
4
2
11
18%
3,000+
$7,612,500
4
6
2
2
100%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
MAUI
Attached Homes
13-Month Luxury Market Trend4 Sale Price
$2,207,250
$2,120,000
$2,370,000
$2,205,000
Inventory
Solds
$2,275,000 $2,025,000 $1,800,000 $1,500,000
$1,475,000 166
161
145
140
129
112
$1,700,000
$1,700,000 $1,500,000
164 109
104 69
8 Jun-20
31
15 Jul-20
Aug-20
9 Sep-20
20 Oct-20
$1,746,250
37
19 Nov-20
15
Dec-20
Jan-21
62
58
25 Feb-21
Mar-21
52
48
Apr-21
50
38
May-21
42
Jun-21
Median Data Review | June Total Inventory Jun. 2020
Jun. 2021
112
Jun. 2020
42 VARIANCE: 425 %
Sale Price Per SqFt.
Sale to List Price Ratio
1,274
Jun. 2021
1,321 VARIANCE: 4 % $
8
Jun. 2020
Sales Price
Jun. 2021
38 VARIANCE: -66 %
Jun. 2020
$
Total Solds
Jun. 2021
100.00% 100.00% VARIANCE: 0 %
Jun. 2020
$
2.21m
2.03m VARIANCE: -8 % $
Days on Market Jun. 2020
179
Jun. 2021
89 VARIANCE: -50 %
Maui Market Summary | June 2021 • The Maui attached luxury market is a Seller's Market with a 111% Sales Ratio. • Homes sold for a median of 100.00% of list price in June 2021.
• The most active price band is $2,600,000-$3,099,999, where the sales ratio is 500%. • The median luxury sales price for attached homes is $2,025,000.
• The median days on market for June 2021 was 89 days, down from 179 in June 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
Jun. 2021
July
2021
Island of Hawaii
ISLAND OF HAWAII
Single-Family Homes
Luxury Inventory vs. Sales | June 2021 Inventory
Sales
Luxury Benchmark Price 1: $1,100,000 $9,000,000+ 2 2
$7,800,000 - $8,999,999 $6,800,000 - $7,799,999
5
5
0
7
2 5
1
$2,000,000 - $2,399,999
4
2
$1,700,000 - $1,999,999
3
$1,400,000 - $1,699,999
$1,200,000 - $1,299,999
4 6
3 0
1 9
1 5
$1,100,000 - $1,199,999
1
43%
Total Sales Ratio2:
1
$2,800,000 - $3,399,999
$1,300,000 - $1,399,999
Seller's Market
3
0 0
$2,400,000 - $2,799,999
63
Total Sales: 27
1
$4,200,000 - $4,999,999 $3,400,000 - $4,199,999
Total Inventory:
2
0
$5,800,000 - $6,799,999 $5,000,000 - $5,799,999
6
3
7
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$1,410,000
3
3
13
21
62%
3,000 - 3,999
$2,825,000
4
6
4
11
36%
4,000 - 4,999
$7,825,000
4
6
1
5
20%
5,000 - 5,999
$19,500,000
5
6
1
4
25%
6,000 - 6,999
NA
NA
NA
0
1
0%
7,000+
$23,000,000
5
6
1
1
100%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
ISLAND OF HAWAII
Single-Family Homes
13-Month Luxury Market Trend4 Median Sales Price
Inventory
Solds $2,400,000
$2,137,500
$2,025,000 $1,675,000
$1,600,000
$1,487,500
139
132
14 Jun-20
$2,001,500
$1,788,500
141
18
27
Aug-20
Sep-20
20 Jul-20
$1,499,500
136
130
$1,595,000
130
20 Oct-20
120
$1,632,500
107
28
28
Nov-20
Dec-20
93 31
Jan-21
$1,800,000
$1,760,000
77 36
43
Feb-21
Mar-21
67
72
42
63
40
Apr-21
27
May-21
Jun-21
Median Data Review | June Total Inventory Jun. 2020
Jun. 2021
139
63 VARIANCE: -55 % Sale Price Per SqFt.
Jun. 2020
Jun. 2021
922
$
800 VARIANCE: -13 % $
Total Solds Jun. 2020
Jun. 2021
14
27 VARIANCE: 93 %
Sale to List Price Ratio Jun. 2020
Sales Price
Jun. 2021
94.42%
100.00% VARIANCE: 6 %
Jun. 2020
1.49m
$
1.80m VARIANCE: 21 % $
Days on Market Jun. 2020
77
Jun. 2021
14 VARIANCE: -82 %
Island of Hawaii Market Summary | June 2021 • The Island of Hawaii single-family luxury market is a Seller's Market with a 43% Sales Ratio. • Homes sold for a median of 100.00% of list price in June 2021.
• The most active price band is $1,100,000-$1,199,999, where the sales ratio is 140%. • The median luxury sales price for single-family homes is $1,800,000.
• The median days on market for June 2021 was 14 days, down from 77 in June 2020.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3
Jun. 2021
ISLAND OF HAWAII
Attached Homes
Luxury Inventory vs. Sales | June 2021 Inventory
Sales
Luxury Benchmark Price 1: $950,000 $4,500,000+ $4,000,000 - $4,499,999 $3,500,000 - $3,999,999
4
0
0
1 4
0
$3,100,000 - $3,499,999 $2,700,000 - $3,099,999 $2,400,000 - $2,699,999
4
1 2
0 0 0
1 1
$2,100,000 - $2,399,999 $1,800,000 - $2,099,999
4 1 1
$1,600,000 - $1,799,999 $1,400,000 - $1,599,999
0
$1,300,000 - $1,399,999 $1,200,000 - $1,299,999
1
Total Inventory: 24
1 1
Total Sales: 17
0
$1,000,000 - $1,099,999 $950,000 - $999,999
0
Total Sales Ratio2: 71%
2
1 0
Seller's Market
2
$1,100,000 - $1,199,999
1
5
3 1
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
NA
NA
NA
0
1
0%
1,000 - 1,499
$1,127,500
2
2
2
5
40%
1,500 - 1,999
$1,850,000
2
3
5
5
100%
2,000 - 2,499
$1,423,500
3
3
4
3
133%
2,500 - 2,999
$4,101,000
4
5
1
0
NA
3,000+
$1,070,000
4
4
1
5
20%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
ISLAND OF HAWAII
Attached Homes
13-Month Luxury Market Trend4 Sale Price $3,095,000
Inventory
Solds
$2,975,000 $2,249,000
$2,222,500
$1,950,000
$1,750,000
$1,480,000 89
85
78
68
76
5
7
11
9
Jun-20
Jul-20
Aug-20
Sep-20
65
19
Oct-20
$1,500,000
$1,420,000
$1,427,500
$1,425,000
$1,625,000
$1,400,000
64 41
25
13 Nov-20
24
Dec-20
Jan-21
26
22
Feb-21
22
28
26
Mar-21
31
29
Apr-21
24
17
May-21
17
Jun-21
Median Data Review | June Total Inventory Jun. 2020
Jun. 2021
Jun. 2020
24 VARIANCE: -65 %
17 VARIANCE: 240 %
Sale Price Per SqFt.
Sale to List Price Ratio
2,259
Jun. 2021
1,139 VARIANCE: -50 % $
5
Jun. 2020
Sales Price
Jun. 2021
68
Jun. 2020
$
Total Solds
Jun. 2020
3.10m
$
Jun. 2021
100.00% 100.00% VARIANCE: 0 %
Jun. 2021
1.40m VARIANCE: -55 % $
Days on Market Jun. 2020
Jun. 2021
0
8 VARIANCE: N/A
Island of Hawaii Market Summary | June 2021 • The Island of Hawaii attached luxury market is a Seller's Market with a 71% Sales Ratio. • Homes sold for a median of 100.00% of list price in June 2021.
• The most active price bands are $1,300,000-$1,399,999, $1,600,000-$1,799,999 and $2,100,000$2,399,999, where the sales ratio is 100%.
• The median luxury sales price for attached homes is $1,400,000.
• The median days on market for June 2021 was 8 days, up from 0 in June 2020. Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
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HAWAII ISLAND
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